Today, DRIVIN — one of our 2016 50 Startups to Watch and two-time nominee for the 2016 Moxie Awards — announced the close of a $7.5 million dollar equity round.
The company, which raced onto the Chicago tech scene just last year, has already raised a whopping $17.5 million in total funding. Armed with the data and insights used car dealers need to better source, ship, and sell vehicles, DRIVIN is a first-of-its-kind service running laps in an industry not exactly known for its tech savviness.
Working with over 500 buying dealer partners across the country — and sourcing cars from some 25,000 physical and virtual dealer rooftops — the company said it plans to use the investment to fuel its expansion plans, which include launching new products and increasing its volume of dealer partners.
“We feel extremely fortunate to have the support and guidance of our investors and board as DRIVIN continues to deliver valuable, differentiated services to our dealer partners,” said Kayne Grau, co-founder and CEO in a statement. “By combining data and technology with human capital, we are uniquely positioned to change the way dealers move metal on their lots — first helping them sell aged inventory and then helping them replace those units with strategically selected vehicles that meet the needs of their target audience and their dealership brand position.”
Leading the round were Columbus Nova Technology Partners and Chicago-based Lightbank.
"DRIVIN is the first-of-its-kind to supply unique information and true marketplace buying power to its dealers when trading used cars,” said Eric Lefkofsky, initial investor and Chairman of the Board in a statement. "The company focuses on data-driven technology, proprietary inventory analysis, and personalized and experienced customer service. These strategies help dealers more efficiently buy and sell vehicles to create their optimal lot and quickly increase profitability.”
Image via DRIVIN.
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